Reference no: EM132858865
Question - Sweet Catering completed the following selected transactions during May 2016:
-May 1: Prepaid rent for three months, $1,200
-May 5: Received and paid electricity bill, $160
-May 9: Received cash for meals served to customers, $3,690
-May 14: Paid cash for kitchen equipment, $2,460
-May 23: Served a banquet on account, $1,650
-May 31: Made the adjusting entry for rent (from May 1).
-May 31: Accrued salary expense, $170
-May 31: Recorded depreciation for May on kitchen equipment, $570
Required - If Sweet Catering had recorded transactions using the Accrual method, how much net income (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign.
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